Oil prices surged on July 29, pushing Brent crude above $90 a barrel as renewed Middle East fighting and tighter U.S. inventories lifted global benchmarks. Brent futures settled at $90.74, up $6.65, or 7.9%. West Texas Intermediate gained $5.20, or 6.6%, to $84.46. Both contracts posted their strongest daily advances in several weeks. The contracts had already gained more than 20% during July as regional supply disruptions affected energy markets.

UK solar capacity reached 22.8 gigawatts at the end of June 2026, extending a sharp rise in deployment. The Department for Energy Security and Net Zero recorded about 2.076 million installations nationwide. Developers added 27,391 systems during June, contributing 132 megawatts. The latest monthly figures remain provisional and may change as more projects enter the official dataset. The capacity total covers rooftop arrays, commercial systems and large solar farms. It also sets a baseline before new plug-in solar rules take effect.

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a major national initiative on Friday to accelerate hydrocarbon discovery across Indian ocean basins. Official releases from the Press Information Bureau confirmed the approval of the ₹84,084 crore Samudra Manthan National Offshore Exploration Scheme. Implemented under the Ministry of Petroleum and Natural Gas through financial year 2030–31, the central sector program is structured to expand deepwater drilling, enhance energy security, and unlock untapped oil and gas resources within India’s Exclusive Economic Zone.

The actual monthly output gain exceeded the national statistical agency preliminary flash estimate of 0.1 per cent growth, providing momentum for national economic output following revised growth of 0.6 per cent recorded in April. The monthly economic expansion was led primarily by a 1.0 per cent rise in the mining, quarrying, and oil and gas extraction sector, marking its second straight month of sector-wide growth. Real estate and rental services also contributed to May economic expansion, as offices of real estate agents and brokers saw activity jump 5.1 per cent, marking the largest single-month increase for the subsector since October 2024.

The strengthening United States dollar maintained positioning near a one-month peak, creating direct headwinds for dollar-denominated commodities across international trade channels. Currency market analysts noted that the robust greenback reduced the investment appeal of bullion for holders utilizing alternative foreign currencies. Market participants directed close attention toward the two-day policy meeting conducted by the Federal Reserve, which concluded its deliberations on Wednesday. Traders sought definitive guidance regarding future interest rate trajectories, inflationary pressures, and monetary policy adjustments. Financial data compiled by CME Group via its FedWatch Tool indicated that market expectations for the central bank to maintain current interest rates stood at 62 percent. Conversely, approximately 38 percent of market participants priced in expectations for a 25-basis-point interest rate increase, marking a notable shift upward from 16 percent recorded during the preceding week.

Ethics Watchdogs Demand Total Ban on Official Crypto Holdings
Regarding enforcement, the oversight groups stated that ethics rules require independent administrative authority to remain effective beyond individual presidential terms. The organizations urged Congress to grant investigating authority to the Attorney General under an extended statute of limitations while allowing private actors and state attorneys general to pursue legal remedies against official misconduct. Virginia Canter, chief counsel and director of ethics and anti-corruption at Democracy Defenders Action, stated that ethics legislation without independent enforcement mechanisms functions as a green light for corruption, urging Congress